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1、CENTREFORDYNAMICMACROECONOMICANALYSISWORKINGPAPERSERIESCDMA07/07TheSuspensionofCashPaymentsasa*MonetaryRegime†ElisaNewbyUniversityofStAndrewsFEBRUARY2007REVISEDJUNE2007Preliminary,commentswelcomeABSTRACTBysettingboundsonmoneygrowth,thecommoditystandardisasolutiontothemonetaryauthority’sti
2、meinconsistencyproblem,whicharisesfromthefixedwagestructureoftheeconomy.Ifthereisasupplyshocktothebackingcommodity,thesuspensionofthecommoditystandardmaybedesirableintermsofstabilisationofproductionandconsumption.Byrepresentingacrediblecommitmenttoreturntothecommoditystandard,thesuspensio
3、nofcashpaymentsmaintainsthevalueandcirculationofmoney.LessonsandevidencearetakenfromEngland’sexperienceofthesuspensionofcashpaymentsbetween1797and1821.JELClassification:C61,E31,E4,E5,N13Keywords:Goldstandard,SuspensionofCashPayments,Monetarypolicy,Monetaryregimes*Acknowledgements:IthankCh
4、arlesNolanforencouragementandhelpfulcomments.IthankTatianaDamjanovicforinterestingdiscussions.IacknowledgethefinancialsupportoftheCentreforDynamicMacroeconomicAnalysisandYrjöJahnnsonFoundation.†CentreforDynamicMacroeconomicAnalysis,SchoolofEconomicsandFinance,Castlecliffe,TheScores,StAndr
5、ews,FifeKY169AL,Scotland,UK.Tel+44(0)1334462445.E-mail:emsn@st-andrews.ac.uk.CASTLECLIFFE,SCHOOLOFECONOMICS&FINANCE,UNIVERSITYOFSTANDREWS,KY169ALTEL:+44(0)1334462445FAX:+44(0)1334462444EMAIL:cdma@st-and.ac.ukwww.st-and.ac.uk/cdma1IntroductionTheworld’s…rstsuccessfulpapermoneyregime,anerao
6、finconvertiblepound,beganon27February1797,whentheBankofEnglandceasedtoconvertitsdepositnotestogoldspecieinordertopreventacompletedrainonitsgoldreserves.Initiallythesuspensionofcashpayments–theSuspensionPeriodortheBankRestrictionPeriodasitbecameknown–wasintendedasanemergencymeasuretoeasepa
7、nicfollowingrumoursofFrenchinvasion.Thepublicexpectedthesuspensiontocontinueonlyforaperiodofthreeweeks,oratmost,untiltheendoftheNapoleonicWars,butitwas,infact,tolastuntil1May1821.Whenthewar…nallyendedin1815,thecirculationofpapercurrencywassohighandexchangeratesunfav
